Gazpromneft begins geological exploration on the shelf of the East-Siberian and Chukchee seas

Gazpromneft has started carrying out gravity and magnetic surveys in the North-Wrangel license block, the company reported on its website.

The interpretation of data allowing for the identification of priority sites for further investigation is planned to be completed in March 2016.

According to the report, the site's exploration maturity is presently low.

The forecasted geological resources, whose commercial oil and gas content has not yet been proved, measure over 3 billion tonnes of crude oil equivalent, including over 2 billion tonnes of oil and condensate, as well as about 1 trillion cubic metres of gas. In the future, a full circle of geological exploration will be implemented, including seismic operations and the drilling of appraisal and exploratory wells.

Geological exploration is implemented by two specially equipped aircraft.

Gazpromneft qualified for geological surveying, exploring and producing hydrocarbons on the North-Wrangel license block in June 2014. The site, covering an area of 117,000 sq. km, is situated in the north-east of the East-Siberian Sea and north-west of the Chukchee Sea. It is characterised by adverse climatic conditions.

"The exploration of the Russian Arctic shelf is a strategic trend in our company's development. Gazpromneft gains unique experience in exploring northern territories and intends to continue the region's geological exploration. Best practices in crude oil production in the Prirazlomnoye field allow us to remain pioneers in exploring the Russian Arctic and continue effective operations on our license blocks," Gazpromneft CEO Alexander Dyukov said.